2020-02-18 - Ordinance 2020-018 - AUTHORIZING A FEASIBILITY STUDY AND ELIGIBILITY STUDY FOR THE PROPOSED 2020 BUFFALO GROVE LAKE COOK ROAD TIF STUDY AREA, BUFFALO GROVE, ILLINOIS ORDINANCE NO.2020 - 018
AN ORDINANCE AUTHORIZING A FEASIBILITY STUDY AND ELIGIBILITY STUDY
FOR THE PROPOSED 2020 BUFFALO GROVE LAKE COOK ROAD TIF STUDY AREA,
BUFFALO GROVE,ILLINOIS
WHEREAS, the Village Board of Trustees expressed concern that the area generally bounded on the
west by Arlington Heights Road, on the south by Lake Cook Road, on the east by McHenry Road (IL
Route 83) and on the north by Checker Drive, as more fully described herein (the "TIF Study Area")
as shown on the map attached hereto and made part hereof by reference as Exhibit "A", was
experiencing conditions that were operating to limit and prevent redevelopment in the TIF Study
Area.
WHEREAS, the TIF Study Area on the whole has had a lack of growth and development through
investment by private enterprise and would not reasonably be anticipated to be developed without the
benefits provided by a TIF District.
WHEREAS, the Village Board of Trustees desires SB Friedman Development Advisors to complete
a final Feasibility Study pursuant to Section 11-74.4-4.1 of the Tax Increment Allocation
Redevelopment Act(the"Act").
WHEREAS, the Village Board of Trustees desire to promote and protect the pubic health, welfare
and safety of the TIF Study Area by encouraging redevelopment in the TIF Study Area.
WHEREAS, the Village Board of Trustees sought to determine whether the TIF Study Area
qualified as a TIF District.
WHEREAS,Section 11-74.4-4.1 requires the Village to act by Ordinance or Resolution.
NOW T1 IEREF,ORE, Be it ordained,by the Village President and Village Board of Trustees of the
Village of Buffalo Grove, acting in the exercise of its home rule power that:
SECTION 1: The Village Board of Trustees authorizes SB Friedman Development Advisors to
complete a feasibility study on the designation of the TIF Study Area as set forth in Exhibit "A" as a
redevelopment project area.
SECTION 2: The TIF Study Area to be studied generally includes land bounded on the west by
Arlington Heights Road, on the south by Lake Cook Road, on the east by McHenry Road (IL Route
83) and on the north by Checker Drive, as shown on the map attached hereto and made part hereof by
reference as Exhibit"A".
SECTION 3: The purpose of the proposed redevelopment plan and project is to encourage
reinvestment in the study area, enhance the tax base, provide new job opportunities, attract sound and
stable commercial growth, and improve the general welfare and prosperity of the Village.
SECTION 4: Tax Increment Financing under the Act allows a municipality to create a TIF District.
Once created the amount of real estate taxes generated from the TIF District over and above the real
estate taxes generated in the base year of the TIF will be deposited into a TIF Fund so that those
dollars constituting the incremental increase in taxes will be available to be spent on eligible
redevelopment project costs costs as delineated in the Act. Individual projects will be the subject of
redevelopment agreements. Utilizing TIF Funds to pay for TIF eligible project costs allows
developers and property owners to invest money that they would not otherwise be willing to invest
without the financial assistance provided by the TIF Fund. The benefit to the municipality, residents
and taxpayers is to provide additional investment dollars in an area that would not otherwise be
redeveloped. At the end of the TIF period, the real estate taxes over and above the base year's
amount are then distributed to the taxing bodies and the amount of real estate taxes to be generated
from the TIF District is anticipated to be higher than if no reinvestment occurred.
SECTION 5: Inquiries for additional information regarding this potential TIF District should be
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made to Christopher Stilling, Deputy Village Manager, 847-459-2500. His address is 50 Raupp Blvd,
Buffalo Grove, IL 60089
SECTION 6: This Ordinance shall be in full force and effect upon passage and approval as
provided by law.
AYES: 6 - Stein, Ottenheimer, Weidenfeld Johnson Smith Pike
NAYES: 0—None
ABSENT: 0—None
PASSED: February 18, 2020
APPROVED: February 18, 2020
ATTEST: u a Beverly Sn, Village Presi ent
i -Tyv
Tanet M�SiTa�iian,Village Clerk
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EXHIBIT A
MAP OF THE PROPOSED TIF STUDY AREA
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